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Do we have gestation period for agricultural plot loans? Yes, gestation period will be 2 years in case of land to be developed and will be a maximum of 1 year in case of developed land. After the gestation period, a maximum of 9 to 10 years can be taken for repayment of loan. Borrowers who want to buy land and construct a house on it can avail plot loan and construction loans to design the house the way they want. I have taken home loan directly through Tamilnad Mercantile Bank.The rate of interest and the processing fee was high .This loan was sanctioned on time and i have uploaded the documents through online .
You can either visit a lender’s nearest branch or their official website to get detailed eligibility information. Several lenders also offer online eligibility calculators for quick eligibility calculation. I have taken INDUSIND home loan because my friend suggested it to me.The tenure of the loan is for 17 years with an interest rate of 11.5%. Plot loans are available for only a residential plot unlike home loans which are available on all properties. In addition to this, you need also avail interest rate deduction and reduced interest rates for pre-construction.
How do I repay a home loan?
A plot loan is a unique banking instrument that makes it easy to buy land. It is also known as a land loan but is different from a home loan. The contrast between a plot loan and a home loan is that a plot loan can only be availed to buy land for constructing a house. Most lenders in India provide plot and land loans to qualified candidates. You can use them to purchase land in any area of your choosing.
You can also purchase land and construct and design a house on it. If you do not have the necessary funds to buy land, you can seek financial support from a lender. Lenders, such as IDFC FIRST Bank, offer a particular type of loan fit for buying land and constructing a house on it. To prevent malpractices, in the case of a home loan, the bank keeps the sale deed of the plot.
How much Loan Amount can be Sanctioned and what are the Interest Rates?
After 5 years, there will be additional 2% interest if house construction is not started. If we close the plot loan with in 5 years, will there be any additional burden. There is no clarity on loan closure after plot purchase.
A good CIBIL score and a disciplined repayment history is a must to avail the benefits of a Plot Loan. If the local development authorities have allotted plots for purchasing, then also you are eligible for the plot loan facility. Up to 1.50% of the loan amount or ₹4,500 whichever is higher, plus applicable taxes. HDFC will determine your Home Loan Eligibility largely by your income and repayment capacity. Other important factors include your age, qualification, number of dependants, your spouse's income , assets & liabilities, savings history and the stability & continuity of occupation.
Why Should You Opt For Home Loan Refinancing When The Rates Are Low
There are more hidden charges which was informed later this was the only issue. I have been informed that will receive Rs.7000 to 8000 due to good credit score but it was not happened. If you want to buy an agricultural land to build your home, the bank will reject your application.
If you purchase a plot, you will have not only a space of your own but also the privilege to customise it in your own unique way. You can have as many bedrooms as you like, a kitchen at the preferred place, a personalised living room, etc. However, as we all know, purchasing a piece of land can be an expensive affair, especially in high demand areas or big metropolitan cities.
Loan for Buying Plot? Here’s All You Need to Know!
Though it is a combined loan, value is not precisely known upfront. In this, if one is going to construct, get the plan approved and submit the estimate to the bank for approval of the construction loan. This means that your loan outstanding amount will go up by some amount due to this change and you will have to now pay that additional amount.
At an Initial I took home loan from DHFL on sudden from their end transferred the process to INDIA BULLS without any intimation. But one issue was faced that my documents not submitted to INDIA BULLS hence I have submitted again. The rate of interest is started with 8.35% gradually increased hence on last months was 8.90%. A major advantage of walking into your nearest ICICI HFC or ICICI Bank branch is the special offers. Our in-house experts will guide you through the benefits of each of the offers, so you can find one that truly helps you. It is always better to sit across the table and get your questions answered all at once.
It’s not just an investment in a home, but in a relationship. As an existing customer of ICICI HFC, your application can be reviewed more quickly, as many checks are already done, and documents are already in our system. Today, you may need a plot loan to make your dream home a reality.
All the information contained herein above is for awareness and customer convenience and is intended to only act as an indicative guide about HDFC’s products and services. For detailed information about HDFC’s products and services kindly visit the nearest HDFC branch. Security of the loan would generally be security interest on the property being financed and / or any other collateral / interim security as may be required by HDFC.
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